For Maruti, the opportunity has never looked as bright. India’s vehicle penetration — at 28 four-wheelers per 1,000 people — is close to an inflection point if markets such as Japan, Korea, and China are any indication.Company of the year award contenders: Bajaj Finserv, HCL Technologies, ITC, Maruti Suzuki, Motherson Sumi

There are very few car markets in the world where one company has the kind of dominance that Maruti Suzuki enjoys in India. Suzuki Motor’s Indian subsidiary sells one out of every two cars in the country.

An early spotter of white spaces within car segments, Maruti has been at the forefront in launching new models at various price points at regular intervals, a strategy that has helped it become the unchallenged leader in India.

The company is unlikely to face any threat to its position for several years, thanks to a product pipeline that gives a clear visibility on new models for four-five years, increasing consumer preference for petrol vehicles — most of Maruti’s cars are petrol-driven — and its expansion into more segments.

The company has outpaced industry volume growth in the past three years. Since fiscal 2012 its market share has risen to nearly 51% from 38%, driven by new launches. It launched eight products in the past three years.

Maruti Suzuki chairman RC Bhargava told ET: “Everyone at the company is thrilled at being recognised as the Company of the Year by The Economic Times. I am happy with the way the company is performing and with the recognition.”

Maruti got eight votes against five for its closest rival in the first round of voting. In the second, the jury was unanimous.

The jury said: “Maruti outpaced its rivals in terms of profitability. It had a market share of about 50% in 2003.

Fourteen years later, it has not only defended its market share very ably, but it did so while achieving a strong growth in profitability. The award recognises the longevity of its performance.”

Jury member Vijay Shekhar Sharma said: “What I loved about Maruti is their resilience and their winning in such a tough and open market. Maruti was going to face tough competition, and it was expected that their market share will go down. And we all know how massively successful they have been in retaining their market share and growing profitably.”

For Maruti, the opportunity has never looked as bright. India’s vehicle penetration — at 28 four-wheelers per 1,000 people — is close to an inflection point if markets such as Japan, Korea, and China are any indication.

After reaching that level, these markets saw annual growth zooming to 20% in the next five years and nearly 15% for another decade.